REDENVELOPE INC
			Symbol			REDE

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U.S. Bankruptcy Court Issues Order in RedEnvelope, Inc. Chapter 11 Case

2008-04-24 18:23 ET - News Release

SAN FRANCISCO, CA -- (MARKET WIRE) -- 04/24/08

RedEnvelope, Inc. (PINKSHEETS: REDE) today announced that in connection with its Chapter 11 case pending before the United States Bankruptcy Court in San Francisco, the Bankruptcy Court issued an order on April 22, 2008 granting authority to RedEnvelope, Inc. (the "Company") to enter into the $4.5 million debtor-in-possession credit facility and loan agreement by and among the Company, Granite Creek Partners Agent, LLC, as agent, Creative Catalogs Corporation ("Creative Catalogs") and Granite Creek FlexCap I, L.P. as the lenders and approving certain asset sale procedures, which among other things, identifies Creative Catalogs as the stalking horse bidder.

In addition, the Bankruptcy Court revised the sale procedures as previously disclosed in the Company's press release dated April 18, 2008 and in the Asset Purchase Agreement by and between the Company and Creative Catalogs dated April 17, 2008. Notably, the Bankruptcy Court capped the breakup fee at 4.5% of the cash consideration of $5.7 million, eliminated the 2% expense reimbursement provision, and also changed the initial overbid amount from $500,000 to $350,000.

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